Primecap Management Co. CA Reduces Stake in BlackBerry Limited (NYSE:BB)

Primecap Management Co. CA decreased its holdings in shares of BlackBerry Limited (NYSE:BB) by 83.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 4,562,076 shares of the company’s stock after selling 23,734,135 shares during the quarter. Primecap Management Co. CA’s holdings in BlackBerry were worth $17,245,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Swiss National Bank lifted its position in shares of BlackBerry by 0.6% during the 4th quarter. Swiss National Bank now owns 1,109,350 shares of the company’s stock worth $4,212,000 after buying an additional 6,700 shares during the last quarter. Geode Capital Management LLC lifted its position in BlackBerry by 2.9% in the third quarter. Geode Capital Management LLC now owns 267,073 shares of the company’s stock valued at $706,000 after acquiring an additional 7,652 shares during the last quarter. CIBC Asset Management Inc boosted its stake in BlackBerry by 1.3% in the fourth quarter. CIBC Asset Management Inc now owns 709,720 shares of the company’s stock valued at $2,690,000 after acquiring an additional 8,787 shares in the last quarter. Signaturefd LLC grew its holdings in shares of BlackBerry by 39.9% during the fourth quarter. Signaturefd LLC now owns 32,032 shares of the company’s stock worth $121,000 after purchasing an additional 9,134 shares during the last quarter. Finally, Masso Torrence Wealth Management Inc. purchased a new position in shares of BlackBerry during the fourth quarter worth about $38,000. 54.48% of the stock is owned by institutional investors and hedge funds.

BlackBerry Stock Up 1.5 %

BB stock opened at $4.48 on Thursday. The stock has a market capitalization of $2.67 billion, a PE ratio of -20.34 and a beta of 1.27. The company has a fifty day moving average of $4.67 and a 200-day moving average of $3.38. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.37 and a current ratio of 1.37. BlackBerry Limited has a one year low of $2.01 and a one year high of $6.24.

BlackBerry (NYSE:BB) last released its earnings results on Thursday, December 19th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.03. The company had revenue of $143.00 million for the quarter, compared to analysts’ expectations of $144.84 million. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 EPS. As a group, analysts expect that BlackBerry Limited will post -0.03 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Canaccord Genuity Group upped their target price on BlackBerry from $3.00 to $4.75 and gave the company a “hold” rating in a research report on Tuesday, March 11th. TD Cowen raised BlackBerry from a “hold” rating to a “buy” rating and increased their price objective for the company from $3.25 to $4.00 in a report on Friday, December 20th. Robert W. Baird lifted their target price on shares of BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a report on Friday, December 20th. Royal Bank of Canada upped their price target on shares of BlackBerry from $3.25 to $4.00 and gave the company a “sector perform” rating in a research report on Friday, January 10th. Finally, TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and raised their price objective for the stock from $3.25 to $4.00 in a research report on Friday, December 20th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, BlackBerry presently has an average rating of “Moderate Buy” and a consensus target price of $3.91.

Insider Activity at BlackBerry

In other news, CEO John Joseph Giamatteo sold 155,815 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total transaction of $573,399.20. Following the sale, the chief executive officer now owns 385,552 shares of the company’s stock, valued at $1,418,831.36. The trade was a 28.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mattias Eriksson sold 14,475 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total value of $53,268.00. Following the completion of the sale, the insider now owns 238,838 shares in the company, valued at approximately $878,923.84. This represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 244,221 shares of company stock worth $925,655 over the last three months. 0.34% of the stock is currently owned by corporate insiders.

About BlackBerry

BlackBerry Limited provides intelligent security software and services to enterprises and governments worldwide. The company operates through three segments: Cybersecurity, IoT, and Licensing and Other. The company offers CylanceENDPOINT, an integrated endpoint security solution; CylanceGUARD, a managed detection and response solution; CylanceEDGE, an AI-powered continuous authentication zero trust network access solution; CylanceINTELLIGENCE, a contextual cyber threat intelligence service; BlackBerry Dynamics offers a development platform and secure container for mobile applications; BlackBerry Workspaces a secure Enterprise File Sync and Share (EFSS) solution; BlackBerry Messenger (BBM) Enterprise, an enterprise-grade secure instant messaging solution for messaging, voice and video; BlackBerry SecuSUITE is a certified, multi-OS voice and text messaging solution; BlackBerry AtHoc, a secure networked critical event management solution; and BlackBerry unified endpoint management (UEM) solutions.